Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Egypt's current account deficit drops by half in April-June quarter

Economic Indicators Oct 05, 2022 05:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A view of the city skyline and River Nile from Cairo tower building in the capital of Cairo, Egypt December 5, 2019. REUTERS/Amr Abdallah Dalsh

CAIRO (Reuters) - Egypt's current account deficit fell by almost half in the April-June quarter as non-oil imports tumbled by nearly 20% from the previous quarter, the central bank said in balance of payments figures released on Wednesday.

Imports have been suffering from an acute shortage of foreign currency since Russia invaded Ukraine in February, partly because of a flight of dollars from Egyptian treasury markets and a drop in Russian and Ukrainian tourists.

The current account deficit declined to $2.96 billion from $5.79 in January-March and $5.13 billion in April-June a year earlier, the central bank data said.

Non-oil imports in April-June dropped by $3.84 billion from the Jan-March quarter to $16.69 billion. This compares to $16.74 billion in April-June 2021.

Tourism receipts increased to $2.56 billion from $1.75 billion a year earlier as travel recovered from the impact of COVID-19, even as Russian and Ukrainian tourists numbers fell off sharply after the Ukraine crisis.

Remittance payments from Egyptians working abroad climbed to $8.28 billion in April-June from $8.05 billion a year prior, while Suez Canal revenue rose to $1.91 from $1.56 billion.

The figures showed that outflow of portfolio investments related to the Ukraine war slowed to a net 3.74 billion from $14.75 billion in January-March. This compares to a net inflow of $2.76 billion a year earlier.

Net foreign direct investment rose to $1.59 billion from $427.2 million in April-June 2021, partly the result of the sales of state assets to Gulf investment funds. Egypt earned $4.08 billion in Jan-March of this year, partly from similar sales.

Egypt's current account deficit drops by half in April-June quarter
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email